The eight-week trial included testimony from Timothy Leissner, a former Goldman partner who has pleaded guilty in the case and testified at length on his role and that of Ng in the scheme.
Attorneys for Ng had argued that Leissner's testimony should be discounted in light of his plea and that Ng was a pawn in the larger conspiracy."Today's verdict is a victory for not only the rule of law, but also for the people of Malaysia for whom the fund was supposed to help," US Attorney Breon Peace said.
"With today's verdict, a powerful message has been delivered to those who commit financial crimes motivated by greed," Peace said."You will be caught, prosecuted and convicted, like Ng, and face a long prison sentence." The Goldman Sachs bond deals raised US$6.5 billion, yielding the prestigious New York investment bank $600 million in fees and revenue, while Ng garnered some US$35 million in kickbacks, the Justice Department said.
In October 2020, Goldman agreed to pay US$2.9 billion in penalities in a DOJ settlement that included a guilty plea in US court by a Malaysian unit of the bank.
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